Arizona Economy Stronger Headed Into 2020

By Corina Vanek | Phoenix Business Journal

Despite uncertainty about national economic policy and the ongoing trade war with China, the U.S. economy likely will remain stable into 2020 and Arizona’s economy will do even better, according to experts at Arizona State University’s annual economic forecast luncheon.

As for Arizona, there is no sign the state will go into a recession during 2020, said Lee McPheters, research professor of economics and director of the JPMorgan Chase Economic Outlook Center at ASU.

Arizona’s job growth is expected to slow to 2.3% in 2020, down from 2.6% in 2019, he said. Those estimates would continue the state’s long-term employment expansion. The state added 74,000 jobs in 2019 and is expected to add another 70,000 in 2020, which will bring Arizona’s total employment to 3 million, an all-time high, McPheters said.

Arizona was ranked second, following Florida, for people relocating from other states, McPheters said.

Commercial real estate construction also is expected to remain strong during 2020, following three years of growth for office and retail construction.

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